August 25, 2011

Steve Jobs Resigns As CEO From Apple

Apple´s co-founder Steve Jobs resigned as CEO of the company on Wednesday after taking most the year off for medical reasons.

The 56-year-old co-founder of the company is a pancreatic cancer survivor and has been on medical leave since January 17.

"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple´s CEO, I would be the first to let you know. Unfortunately, that day has come," Jobs said in his public resignation letter to the Apple Board of Directors.

"I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee."

Apple said Jobs has been elected chairman and Tim Cook has been elected CEO.

“Steve´s extraordinary vision and leadership saved Apple and guided it to its position as the world´s most innovative and valuable technology company,” Art Levinson, Chairman of Genentech, on behalf of Apple´s Board said in a statement.

“Steve has made countless contributions to Apple´s success, and he has attracted and inspired Apple´s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “Tim´s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”

Cook sent out a message to his employees on Thursday following Jobs' resignation.

"I am looking forward to the amazing opportunity of serving as CEO of the most innovative company in the world," Cook said in his letter. "Joining Apple was the best decision I´ve ever made and it´s been the privilege of a lifetime to work for Apple and Steve for over 13 years. I share Steve´s optimism for Apple´s bright future."

Cook ensured Apple's successful run for the past decade will not be tampered with.

"I want you to be confident that Apple is not going to change. I cherish and celebrate Apple´s unique principles and values. Steve built a company and culture that is unlike any other in the world and we are going to stay true to that–it is in our DNA."

Many other tech company CEOs sounded off as one of the founding fathers of personal computers announced his resignation.

"Steve Jobs is the most successful CEO in the U.S. of the last 25 years," Google Inc Chairman Eric Schmidt said in a statement.

"He uniquely combined an artist's touch and an engineer's vision to build an extraordinary company."

The CEO of Nokia also chimed in once the news spread around the world.

"Steve Jobs is a visionary in the computing industry. We look forward to both Steve and his team having a positive impact on our industry for many years to come," Stephen Elop said in a statement.

Apple's stock has dropped about 11 percent since the announcement set in, but analysts say the company is still in good shape to continue its growth in the future.

"Steve Jobs resignation from Apple is sad for him as it presumably presages more illness. However he has left the Apple Brand in rude health so that the company is still poised for future growth," global brands director for Millward Brown, Peter Walshe, wrote in a statement.

"The future direction is mapped out, the successor is in place, and consumers rate the brand uniquely 'creative', 'fun' and 'adventurous'."

Cook left his employees with encouraging words in his letter on Thursday as his first day in his new role at Apple.

"We are going to continue to make the best products in the world that delight our customers and make our employees incredibly proud of what they do," the new CEO of the world's largest technical company said.